NASDAQ? Go short!!!
The Nasdaq-100® Index recently put a more than notable recovery on the floor. One could also speak of a certain rubber band effect. In December, the sellers had badly overused the band, now it jumps back up. The movement has arrived at an important point.
With yesterday's high, the second sequence of the upward movement since December almost exactly the length of the first sequence. So if you see the rise only as a three-part recovery in the downtrend, this could now be over. But at least a consolidation would be overdue. This could target the support at 6,442 points. Under 6,139 points even new multi-month lows would be conceivable.
On the other hand, if the index weakens the EMA50 at 6,650 points as resistance, the recovery could extend a little further. It would be possible to reach the downtrend since the all-time high at around 6,745 points.
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